duck
Member of DD Central
Posts: 2,585
Likes: 5,736
Member is Online
|
Post by duck on May 24, 2021 9:37:31 GMT
Thanks for all your efforts Duck. Please add me to the letter writing campaign and send me a PM. I have loans in C, L, FS and MT. tony I have just replied to your thread, the letter should be with you.
|
|
tony
Posts: 136
Likes: 91
|
Post by tony on May 24, 2021 10:41:39 GMT
Many thanks Duck - I have just written to my MP. Keep up your good work for which I am sure all investors are extremely grateful.
|
|
registerme
Member of DD Central
Posts: 6,211
Likes: 6,017
|
Post by registerme on May 24, 2021 14:47:05 GMT
duck well, colour me surprised! Dear RegisterMe,
Thank you for writing to me about your investment in Collateral UK Limited.
Firstly, I am alarmed to read of the situation with Collateral UK, and the 1183 investors like yourself, who have been expected to lose the majority of the £14.8 million that they put in. This raises several questions about the Financial Conduct Authority, who have failed to regulate Collateral UK and other P2P investment platforms like Lendy, who continued to conduct regulated business without permission. This also raises questions about the government, who formed the FCA and have been suspected to apply political pressure which has led the regulator to neglect it's objective to protect consumers.
Therefore, I agree that this requires an independent review, and I have written to the chair of the Treasury Select Committee, Mel Stride MP, about this. I will share any response I receive with yo (sic).
Thank you once again for contacting me about this important issue.
Yours sincerely,
My Local MPI'm not sure that I mentioned Lendy, and I'm not entirely sure I agree about the government applying "political pressure" (but it was the Treasury who gave the FCA the original "light touch" regulatory remit for fintech like P2P), but I am happy enough they've contacted the Treasury Select Committee about this requesting an independent review. Yo!
|
|
zendog
Member of DD Central
Posts: 137
Likes: 83
|
Post by zendog on May 24, 2021 15:01:27 GMT
Hello duck, I am (was?) and investor with Col (5 figure sum) and would be happy to contact my MP with your template letter - please could you forward it on. Many thanks
|
|
duck
Member of DD Central
Posts: 2,585
Likes: 5,736
Member is Online
|
Post by duck on May 24, 2021 15:45:43 GMT
Hello duck , I am (was?) and investor with Col (5 figure sum) and would be happy to contact my MP with your template letter - please could you forward it on. Many thanks PM has been sent.
|
|
|
Post by catsinspace on May 24, 2021 15:59:56 GMT
Hi duck, If I could also please get a copy of the letter, I'll get it posted off asap. Thanks.
|
|
duck
Member of DD Central
Posts: 2,585
Likes: 5,736
Member is Online
|
Post by duck on May 24, 2021 16:08:55 GMT
Hi duck , If I could also please get a copy of the letter, I'll get it posted off asap. Thanks. Excellent, PM has been sent.
|
|
starfished
Member of DD Central
Posts: 296
Likes: 216
|
Post by starfished on May 24, 2021 16:21:17 GMT
duck well, colour me surprised! Dear RegisterMe,
Thank you for writing to me about your investment in Collateral UK Limited.
Firstly, I am alarmed to read of the situation with Collateral UK, and the 1183 investors like yourself, who have been expected to lose the majority of the £14.8 million that they put in. This raises several questions about the Financial Conduct Authority, who have failed to regulate Collateral UK and other P2P investment platforms like Lendy, who continued to conduct regulated business without permission. This also raises questions about the government, who formed the FCA and have been suspected to apply political pressure which has led the regulator to neglect it's objective to protect consumers.
Therefore, I agree that this requires an independent review, and I have written to the chair of the Treasury Select Committee, Mel Stride MP, about this. I will share any response I receive with yo (sic).
Thank you once again for contacting me about this important issue.
Yours sincerely,
My Local MPI'm not sure that I mentioned Lendy, and I'm not entirely sure I agree about the government applying "political pressure" (but it was the Treasury who gave the FCA the original "light touch" regulatory remit for fintech like P2P), but I am happy enough they've contacted the Treasury Select Committee about this requesting an independent review. Yo! Curious is your MP conservative (or not)? While accurate, the tone of the response seemed slightly political...
|
|
registerme
Member of DD Central
Posts: 6,211
Likes: 6,017
|
Post by registerme on May 24, 2021 16:27:43 GMT
Curious is your MP conservative (or not)? While accurate, the tone of the response seemed slightly political... Very red.
|
|
|
Post by catsinspace on May 24, 2021 16:41:29 GMT
Thanks Duck, great template - the letters have been emailed to my MP's relevant parliamentary & constituency addresses
|
|
starfished
Member of DD Central
Posts: 296
Likes: 216
|
Post by starfished on May 24, 2021 18:23:27 GMT
Curious is your MP conservative (or not)? While accurate, the tone of the response seemed slightly political... Very red. Thanks. For the avoidance of doubt, I do think there was a very strong steer from government/treasury at the time on regulation e.g. the sacking of Martin "Shoot first" Wheatley, etc.
|
|
registerme
Member of DD Central
Posts: 6,211
Likes: 6,017
|
Post by registerme on May 24, 2021 18:50:18 GMT
Oh there was, yes. The Treasury directed the FCA to treat P2P (amongst other fintech offerings) with a "light touch" to try to encourage development of the "industry".
|
|
duck
Member of DD Central
Posts: 2,585
Likes: 5,736
Member is Online
|
Post by duck on May 25, 2021 4:56:23 GMT
Oh there was, yes. The Treasury directed the FCA to treat P2P (amongst other fintech offerings) with a "light touch" to try to encourage development of the "industry". Certainly was, it has been 'fun' digging them all out. We have found speeches from the Chancellor down. That said, the FCA's failures wrt Col were not the direct result of 'light touch' regulation. The FCA still had their statutory duties that they had to abide by .... and they didn't. Unfortunately the only failure I can talk about (since the FCA have already acknowledged it) is the insecure Interim Permissions Register, the rest of the failures have to remain out of the public domain at present (investigation and possible criminal charges) but those who have sent the MPs letter will know what I am talking about. The FCA have recently talked about an extra level of scrutiny of high risk industries and companies. P2P is now in that group. When the bulk of the P2P companies went through the authorisation process P2P was not classed as high risk (corresponds with government promotion of P2P) so there was certainly 'light touch' going on, but as I said this does not apply to Col.
|
|
registerme
Member of DD Central
Posts: 6,211
Likes: 6,017
|
Post by registerme on May 25, 2021 6:22:30 GMT
Absolutely. I wasn't trying to absolve the FCA of their responsibilities, just reminding people that the picture was more nuanced than "FCA bad innit".
|
|
tony
Posts: 136
Likes: 91
|
Post by tony on May 25, 2021 17:43:48 GMT
Many thanks Duck - I have just written to my MP. Keep up your good work for which I am sure all investors are extremely grateful.
|
|